On July 20, 2012, Limoneira Company, an agribusiness with prime agricultural land and operations, real estate and water rights in California, entered into an agreement to acquire 230 acres of agriculture property in the San Joaquin Valley of California for $1.3 million. The transaction is expected to close in August 2012.
The property is high quality citrus land that will be planted with approximately 150 acres of lemons adding to the existing 1,870 acres of lemon orchards. Once this property is fully planted, the company believes it is capable of producing approximately 1,000 cartons of lemons per acre. With this acquisition, the company will own or lease over 8,000 acres of agriculture property.
“With the close of this transaction, we will have added over 1,300 acres of productive agriculture this year which is in-line with our overall strategy to leverage our expertise in managing premium agriculture properties,” says Harold Edwards, president and CEO of Limoneira. “This property is adjacent to the Sheldon orchards, which will make for efficient integration into our current operations.”
Alex Teague, senior vice president adds, “Expanding our portfolio of quality citrus acreage is an essential part of our long-term agribusiness growth strategy. We have a strong pipeline of additional acquisition opportunities and believe we will continue to expand our business through acquisitions and organic growth that will contribute to our long-term top and bottom line growth for many years to come.”
Limoneira Company, a 119-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. It is a dedicated sustainability company with approximately 7,850 acres of agricultural lands, real estate properties and water rights in California. The Company is a producer of lemons, avocados, oranges, specialty citrus and other crops.